The Georgia Department of Banking and Finance issued a notice of intent to revoke the license of Pacific Reverse Mortgage, Inc. d/b/a Financial Heritage on August 14, 2009 and has become final.
According to the notice, Financial Heritage failed to disburse funds in accordance with a written commitment or agreement to make a mortgage loan and engaged in any transaction, practice, or course of business that is not in good faith or fair dealing, or which operated a fraud upon any person, in connection with the attempted or actual making of, purchase of, or sale of any mortgage loan.
Financial Heritage has twenty days to request a hearing to contest the decision to revoke the license.
According to data from RM Insight, Financial Heritage has endorsed 150 HECMs YTD. Financial Heritage did not respond to RMD’s request for comment at press time.